Dimensional ETF Trust

Dimensional has a long history of putting financial science to work for investors around the world. We believe in the power of markets. We focus on the drivers of higher expected returns. We add value through implementation. And we’re committed to delivering an exceptional client experience to help investors pursue their goals.

We’ve been innovating on behalf of investors since 1981. We start with what clients are looking for and then determine how best to deliver flexible, low-cost, diversified strategies to meet those needs. Our ability to capture long-term premiums has led Dimensional to outperform benchmarks and peers over long periods of time and across strategies.

Whether you’re investing through mutual funds or ETFs, we believe investors can have a successful investment experience without having to outguess the market. On behalf of everyone at Dimensional, we thank you for entrusting us with your investments.

This report is submitted for the information of each Fund’s shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

The following Expense Tables are shown so that you can understand the impact of fees on your investment. All funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses and legal and audit services, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return and “Expenses Paid During Period” reflects the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

This section is intended to help you compare your fund’s costs with those of other funds. The hypothetical “Ending Account Value” and “Expenses Paid During Period” are derived from the fund’s actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all funds to calculate expenses based on a 5% annual return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, such as brokerage commissions if applicable. The “Annualized Expense Ratio” represents the actual expenses for the six-month period indicated.

The SEC requires that all funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. For Dimensional ETF Trust, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. Dimensional ETF Trust filed its most recent Form N-PORT with the SEC on March 30, 2023. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http:// www.sec.gov.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.

The SEC requires that all funds present their categories of portfolio holdings in a table, chart, or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.


Dimensional Core Fixed Income ETF
Communication Services	1.3	%
Consumer Discretionary	2.8	%
Consumer Staples	1.9	%
Energy	3.9	%
Financials	20.6	%
Foreign Government	0.5	%
Health Care	2.2	%
Industrials	2.1	%
Information Technology	2.8	%
Materials	0.9	%
Real Estate	2.9	%
Sovereign Bond	0.9	%
U.S. Government	55.2	%
Utilities	2.0	%

	100.0	%


Dimensional Short-Duration Fixed Income ETF
Commercial Paper	0.1	%
Communication Services	1.5	%
Consumer Discretionary	4.2	%
Consumer Staples	2.0	%
Energy	4.8	%
Financials	40.7	%
Foreign Government	1.6	%
Health Care	5.2	%
Industrials	4.3	%
Information Technology	3.8	%
Materials	2.9	%
Real Estate	5.3	%
Sovereign Bond	3.5	%
U.S. Government	16.8	%
Utilities	3.3	%

	100.0	%


Dimensional National Municipal Bond ETF
Investment Company	0.5	%
Airport	0.5	%
Bond Bank	0.1	%
Development	0.4	%
Education	2.9	%
General	8.6	%
General Obligation	44.1	%
Higher Education	2.6	%
Medical	4.5	%
Power	3.0	%
School District	19.4	%
Transportation	4.4	%
Utilities	3.0	%
Water	6.0	%

	100.0	%


		Face Amount ^		Value†
		(000)
AGENCY OBLIGATIONS — (23.2%)
Federal Farm Credit Banks Funding Corp.
	3.500%, 12/20/23		250	$	247,454
	0.230%, 01/19/24		350		338,501
	0.750%, 12/16/26		56		49,611
Federal Home Loan Banks
	3.375%, 09/08/23		550		546,929
	0.500%, 11/09/23		750		732,110
	3.375%, 12/08/23		835		827,668
	2.250%, 12/08/23		700		689,353
	2.500%, 12/08/23		430		423,507
	0.625%, 12/22/23		230		223,904
	2.500%, 02/13/24		55		53,992
	2.125%, 02/28/24		1,000		977,289
	2.375%, 03/08/24		1,200		1,174,198
	3.250%, 03/08/24		2,560		2,525,166
	2.875%, 06/14/24		810		794,091
	3.125%, 09/12/25		195		190,547
	3.000%, 09/11/26		125		121,515
	2.500%, 12/10/27		25		23,670
	3.250%, 06/09/28		265		259,032
	3.250%, 11/16/28		215		211,526
	5.500%, 07/15/36		100		115,680
Federal Home Loan Mortgage Corp.
	2.750%, 06/19/23		250		249,223
	0.250%, 08/24/23		1,700		1,673,893
	0.250%, 09/08/23		1,349		1,325,863
	0.125%, 10/16/23		350		342,149
	0.250%, 11/06/23		1,500		1,462,890
	0.250%, 12/04/23		4,607		4,479,641
	6.750%, 09/15/29		440		513,776
	4.700%, 11/15/38		130		67,186
Federal National Mortgage Association
	0.250%, 07/10/23		1,700		1,684,638
	2.875%, 09/12/23		19		18,854
	0.250%, 11/27/23		1,508		1,468,015
	2.500%, 02/05/24		450		441,567
	0.625%, 04/22/25		100		93,295
	2.125%, 04/24/26		227		216,502
	1.875%, 09/24/26		142		133,592
	6.250%, 05/15/29		49		55,769
	7.125%, 01/15/30		43		51,565
	5.625%, 07/15/37		60		70,797
	2.000%, 05/25/38, 15YR TBA		184,269		166,302,772
	2.500%, 05/25/38, 15YR TBA		151,703		140,971,198


		Face Amount ^		Value†
		(000)
Federal National Mortgage Association
	3.000%, 05/25/53, 30YR TBA		190,145	$	170,788,834
	2.500%, 05/25/53, 30YR TBA		193,290		167,358,183
	2.000%, 05/25/53, 30YR TBA		19,333		16,083,017
Government National Mortgage Association
	3.000%, 05/20/53, 30YR TBA		49,351		45,032,788
	3.500%, 05/20/53, 30YR TBA		93,934		88,173,203
TOTAL AGENCY OBLIGATIONS					819,584,953

BONDS — (44.4%)
AUSTRALIA — (1.5%)
ANZ New Zealand Int’l, Ltd.
W	3.400%, 03/19/24		2,090		2,057,739
#W	1.250%, 06/22/26		710		639,983
W	3.450%, 01/21/28		438		413,478
APA Infrastructure, Ltd.
W	4.200%, 03/23/25		2,492		2,446,072
ASB Bank, Ltd.
#W	3.125%, 05/23/24		998		976,877
#W	1.625%, 10/22/26		275		247,365
W	2.375%, 10/22/31		355		289,205
Bank of New Zealand
W	3.500%, 02/20/24		885		872,658
#W	2.000%, 02/21/25		858		813,505
W	2.870%, 01/27/32		322		275,337
BHP Billiton Finance USA, Ltd.
	4.125%, 02/24/42		85		77,528
BHP Billiton Finance, Ltd.
	3.000%, 05/29/24, MTN		500		548,208
Commonwealth Bank of Australia
W	3.350%, 06/04/24		880		867,056
W	1.125%, 06/15/26		1,116		1,005,610
#W	1.875%, 09/15/31		46		38,126
Glencore Funding LLC
W	4.625%, 04/29/24		2,289		2,266,508
W	1.625%, 09/01/25		641		591,913
W	1.625%, 04/27/26		315		285,750
W	4.000%, 03/27/27		352		340,461
W	4.875%, 03/12/29		768		761,211
	4.875%, 03/12/29		221		219,046
#W	2.500%, 09/01/30		874		732,528
	2.500%, 09/01/30		490		410,685
W	2.850%, 04/27/31		3,751		3,168,100
W	2.625%, 09/23/31		680		563,768


		Face Amount ^		Value†
		(000)
AUSTRALIA — (Continued)
Macquarie Bank, Ltd.
W	2.300%, 01/22/25		212	$	202,898
W	3.900%, 01/15/26		579		567,227
Macquarie Group, Ltd.
W	6.207%, 11/22/24		3,425		3,466,740
National Australia Bank, Ltd.
#W	1.388%, 01/12/25		360		340,892
	3.900%, 05/30/25, MTN		800		526,034
	4.650%, 11/25/25, MTN		9,020		6,032,092
	4.950%, 11/25/27, MTN		10,000		6,783,776
Rio Tinto Finance USA, Ltd.
	5.200%, 11/02/40		665		687,412
Telstra Corp., Ltd.
W	3.125%, 04/07/25		175		170,064
Westpac Banking Corp.
	3.300%, 02/26/24		883		872,289
	1.019%, 11/18/24		175		165,332
	2.350%, 02/19/25		709		680,242
	2.850%, 05/13/26		1,041		989,992
	1.150%, 06/03/26		282		254,198
	3.400%, 01/25/28		77		73,580
	2.650%, 01/16/30		194		173,843
Westpac Securities NZ, Ltd.
	0.427%, 12/14/26, MTN		9,142		8,948,219

TOTAL AUSTRALIA					51,843,547

AUSTRIA — (0.0%)
Oesterreichische Kontrollbank AG
	3.125%, 11/07/23		553		547,400
	0.500%, 09/16/24		887		840,059
	0.375%, 09/17/25		125		114,717

TOTAL AUSTRIA					1,502,176

BELGIUM — (0.3%)
Anheuser-Busch InBev Worldwide, Inc.
	4.750%, 01/23/29		97		99,197
#	4.900%, 01/23/31		70		72,995
	4.375%, 04/15/38		263		253,912
	5.450%, 01/23/39		1,135		1,206,183
	4.350%, 06/01/40		238		226,112
	4.950%, 01/15/42		147		147,336
Dexia Credit Local SA
	0.010%, 01/22/27, MTN		10,300		10,125,453

TOTAL BELGIUM					12,131,188

CANADA — (2.8%)
Alimentation Couche-Tard, Inc.
W	3.550%, 07/26/27		684		647,879
W	2.950%, 01/25/30		99		86,514
Bank of Montreal
	0.450%, 12/08/23		192		186,564
	3.300%, 02/05/24, MTN		2,879		2,832,894
	2.150%, 03/08/24, MTN		828		805,692
#	2.500%, 06/28/24, MTN		4,541		4,397,447
	0.625%, 07/09/24, MTN		6,441		6,105,365


		Face Amount ^		Value†
		(000)
CANADA — (Continued)
	4.250%, 09/14/24, MTN		2,039	$	2,012,409
	1.500%, 01/10/25, MTN		909		856,157
	1.850%, 05/01/25, MTN		391		368,193
	1.250%, 09/15/26, MTN		366		326,056
	2.650%, 03/08/27, MTN		287		266,489
Bank of Nova Scotia (The)
	3.400%, 02/11/24		1,155		1,136,411
	0.700%, 04/15/24		600		572,522
	0.500%, 04/30/24, MTN		800		854,760
	0.650%, 07/31/24		283		267,315
	1.450%, 01/10/25		662		622,535
#	2.200%, 02/03/25		229		217,839
	3.450%, 04/11/25		340		329,883
	1.300%, 06/11/25		808		746,184
	1.050%, 03/02/26		255		228,798
	4.850%, 02/01/30		340		339,504
	2.150%, 08/01/31		170		138,996
Barrick North America Finance LLC
	5.700%, 05/30/41		90		94,678
Brookfield Finance, Inc.
	4.000%, 04/01/24		175		171,639
	3.900%, 01/25/28		28		26,392
	4.850%, 03/29/29		337		331,490
	4.350%, 04/15/30		124		117,478
	2.724%, 04/15/31		5		4,198
Canadian Imperial Bank of Commerce
	0.950%, 06/23/23		50		49,679
	3.500%, 09/13/23		350		347,729
	0.500%, 12/14/23		260		252,266
	3.100%, 04/02/24		3,916		3,831,617
	1.000%, 10/18/24		1,272		1,200,085
	2.250%, 01/28/25		735		701,219
	3.300%, 04/07/25		914		883,141
	0.950%, 10/23/25		200		182,145
	1.250%, 06/22/26		1,174		1,054,582
	3.450%, 04/07/27		186		177,566
#	3.600%, 04/07/32		172		158,613
Canadian Natural Resources, Ltd.
	3.900%, 02/01/25		364		356,355
	2.050%, 07/15/25		107		100,687
	3.850%, 06/01/27		463		444,528
	2.950%, 07/15/30		375		329,604
	7.200%, 01/15/32		466		511,805
	6.450%, 06/30/33		2,141		2,234,188
	5.850%, 02/01/35		143		144,144
	6.250%, 03/15/38		1,214		1,294,577
Canadian Pacific Railway Co.
	7.125%, 10/15/31		34		38,963
CDP Financial, Inc.
	1.125%, 04/06/27		2,400		2,438,101
Cenovus Energy, Inc.
	5.250%, 06/15/37		77		74,012
	6.800%, 09/15/37		25		26,909


		Face Amount ^		Value†
		(000)
CANADA — (Continued)
	6.750%, 11/15/39		126	$	136,815
Emera US Finance, LP
	0.833%, 06/15/24		2,397		2,270,867
	2.639%, 06/15/31		99		80,467
Enbridge Energy Partners LP
	7.500%, 04/15/38		183		212,880
	5.500%, 09/15/40		558		539,902
Enbridge, Inc.
	2.150%, 02/16/24		397		386,788
	3.500%, 06/10/24		298		293,395
	2.500%, 01/15/25		141		135,489
Export Development Canada
	2.625%, 02/21/24		500		490,897
Fairfax Financial Holdings, Ltd.
	4.850%, 04/17/28		4,897		4,817,135
#	4.625%, 04/29/30		1,162		1,110,755
	3.375%, 03/03/31		2,220		1,888,209
W	5.625%, 08/16/32		565		559,294
ITC Holdings Corp.
	3.650%, 06/15/24		820		806,068
W	2.950%, 05/14/30		638		565,311
Kinross Gold Corp.
	5.950%, 03/15/24		211		211,075
	4.500%, 07/15/27		161		159,180
Magna International, Inc.
	3.625%, 06/15/24		1,025		1,007,570
	4.150%, 10/01/25		239		234,384
	2.450%, 06/15/30		467		402,736
National Bank of Canada
	0.750%, 08/06/24		925		872,820
Province of Alberta Canada
	3.350%, 11/01/23		220		218,044
	2.950%, 01/23/24		634		624,187
	1.875%, 11/13/24		650		624,278
	0.625%, 04/18/25		1,500		1,569,999
Province of British Columbia Canada
	2.250%, 06/02/26		271		257,885
	0.900%, 07/20/26		190		172,955
Province of Manitoba Canada
	2.600%, 04/16/24		195		190,842
	3.050%, 05/14/24		545		535,288
	2.125%, 06/22/26		80		75,636
Province of Ontario Canada
	3.400%, 10/17/23		222		220,251
	3.050%, 01/29/24		715		704,607
	3.200%, 05/16/24		2,162		2,125,249
	2.500%, 04/27/26		113		108,196
Province of Quebec Canada
	2.875%, 10/16/24		230		224,648
	0.600%, 07/23/25		154		142,617
Rogers Communications, Inc.
	3.625%, 12/15/25		456		438,813
	7.500%, 08/15/38		220		249,298


		Face Amount ^		Value†
		(000)
CANADA — (Continued)
Royal Bank of Canada
	2.550%, 07/16/24		1,029	$	998,591
	0.125%, 07/23/24		1,000		1,056,953
	3.970%, 07/26/24		500		493,195
	0.650%, 07/29/24		1,111		1,052,286
	1.150%, 06/10/25		949		880,605
Spectra Energy Partners, LP
	4.750%, 03/15/24		70		69,548
	3.500%, 03/15/25		227		220,547
Suncor Energy, Inc.
	7.150%, 02/01/32		5,227		5,795,815
	5.950%, 12/01/34		501		520,176
	6.800%, 05/15/38		362		398,789
	6.500%, 06/15/38		50		53,862
Thomson Reuters Corp.
	3.850%, 09/29/24		236		230,865
Toronto-Dominion Bank (The)
	2.350%, 03/08/24		1,505		1,465,752
	0.375%, 04/25/24, MTN		2,000		2,135,460
	2.650%, 06/12/24, MTN		1,464		1,422,845
	0.700%, 09/10/24		471		443,258
	4.285%, 09/13/24		350		346,058
	3.766%, 06/06/25		829		809,615
	0.750%, 01/06/26, MTN		340		305,487
	0.500%, 01/18/27, MTN		12,900		12,533,024
TransCanada PipeLines, Ltd.
	1.000%, 10/12/24		372		349,296
	4.250%, 05/15/28		128		125,197
	4.100%, 04/15/30		70		66,763
	2.500%, 10/12/31		32		26,479
	4.625%, 03/01/34		1,792		1,704,776
	5.600%, 03/31/34		65		65,967
	6.200%, 10/15/37		106		112,302
	7.625%, 01/15/39		1,390		1,655,436
	6.100%, 06/01/40		34		35,578

TOTAL CANADA					102,964,151

DENMARK — (0.3%)
Danske Bank A/S
W	5.375%, 01/12/24		2,518		2,494,248
Kommunekredit
	2.900%, 11/27/26, MTN		10,000		6,353,489

TOTAL DENMARK					8,847,737

FINLAND — (0.4%)
Nordea Bank Abp
W	3.750%, 08/30/23		1,400		1,391,342
W	0.625%, 05/24/24		3,775		3,586,786
W	1.500%, 09/30/26		4,507		4,013,777
	1.125%, 02/16/27, MTN		2,018		2,016,039
OP Corporate Bank PLC
	0.250%, 03/24/26, MTN		2,000		1,984,279

TOTAL FINLAND					12,992,223


		Face Amount ^		Value†
		(000)
FRANCE — (2.0%)
Arval Service Lease SA
	0.875%, 02/17/25, MTN		3,500	$	3,636,321
Banque Federative du Credit Mutuel SA
W	3.750%, 07/20/23		914		910,130
W	0.650%, 02/27/24		4,647		4,466,282
W	2.375%, 11/21/24		1,015		969,031
W	0.998%, 02/04/25		3,028		2,808,667
	0.010%, 03/07/25, MTN		1,000		1,028,958
	1.000%, 05/23/25, MTN		500		522,025
#W	1.604%, 10/04/26		360		321,474
	1.250%, 05/26/27, MTN		800		798,278
	0.625%, 11/19/27, MTN		2,000		1,888,121
Banque Stellantis France SACA
	0.625%, 06/21/24		1,000		1,065,436
	3.882%, 01/22/25, MTN		6,800		7,030,215
BNP Paribas SA
W	3.800%, 01/10/24		216		212,817
	1.125%, 08/28/24, MTN		400		426,941
W	3.375%, 01/09/25		810		782,542
	1.250%, 03/19/25, MTN		600		632,570
W	4.400%, 08/14/28		2,205		2,141,350
BPCE SA
	4.000%, 04/15/24		10,206		10,045,591
	1.000%, 07/15/24		300		320,611
W	1.625%, 01/14/25		360		337,375
W	2.375%, 01/14/25		4,203		3,972,546
#	2.375%, 01/14/25		262		247,634
W	1.000%, 01/20/26		550		495,431
W	4.750%, 07/19/27		640		629,456
	3.250%, 01/11/28, MTN		300		275,011
W	5.125%, 01/18/28		380		380,603
W	2.700%, 10/01/29		1,070		943,241
Credit Agricole SA
W	3.875%, 04/15/24		2,198		2,161,619
W	3.250%, 10/04/24		340		329,636
	3.250%, 10/04/24, MTN		340		329,636
	1.375%, 05/03/27, MTN		500		504,670
LeasePlan Corp. NV
W	2.875%, 10/24/24		1,495		1,431,598
Societe Generale SA
W	3.875%, 03/28/24		7,894		7,722,642
W	2.625%, 01/22/25		2,883		2,713,414
	2.625%, 01/22/25, MTN		440		414,118
	0.250%, 07/08/27, MTN		2,900		2,752,375
W	3.000%, 01/22/30		1,835		1,545,107
Societe Nationale SNCF SA
	4.375%, 04/15/26, MTN		2,000		2,274,586
TotalEnergies Capital International SA
	3.750%, 04/10/24		330		326,206
	3.455%, 02/19/29		75		71,727
	2.829%, 01/10/30		50		45,714


		Face Amount ^		Value†
		(000)
FRANCE — (Continued)
	2.986%, 06/29/41		279	$	218,884

TOTAL FRANCE					70,130,589

GERMANY — (1.7%)
Bayer US Finance II LLC
W	3.375%, 07/15/24		50		48,877
W	4.250%, 12/15/25		310		303,951
W	4.375%, 12/15/28		500		485,142
W	4.625%, 06/25/38		400		366,701
BMW US Capital LLC
W	0.800%, 04/01/24		2,187		2,105,653
	0.800%, 04/01/24		470		452,518
W	3.150%, 04/18/24		100		98,280
W	0.750%, 08/12/24		107		101,673
#W	3.250%, 04/01/25		85		82,942
W	3.900%, 04/09/25		568		560,928
	2.800%, 04/11/26		75		71,966
W	2.800%, 04/11/26		395		379,020
W	3.450%, 04/01/27		50		48,612
W	3.300%, 04/06/27		50		48,010
#W	2.550%, 04/01/31		270		235,580
#W	3.700%, 04/01/32		275		258,859
Daimler Truck Finance North America LLC
W	1.625%, 12/13/24		1,780		1,686,784
W	3.500%, 04/07/25		623		606,924
W	3.650%, 04/07/27		1,423		1,364,436
Daimler Truck International Finance BV
	1.250%, 04/06/25, MTN		3,500		3,695,556
Deutsche Bank AG
	0.898%, 05/28/24		2,826		2,667,532
	3.700%, 05/30/24		3,222		3,124,784
	3.700%, 05/30/24		142		137,676
	5.371%, 09/09/27		670		663,915
E.ON International Finance BV
W	6.650%, 04/30/38		2,450		2,704,617
EMD Finance LLC
W	3.250%, 03/19/25		529		512,956
FMS Wertmanagement
	2.750%, 01/30/24		295		290,057
Fresenius Medical Care US Finance III, Inc.
W	1.875%, 12/01/26		860		754,189
Kreditanstalt fuer Wiederaufbau
	0.250%, 10/19/23		100		97,786
	0.250%, 03/08/24		6,189		5,950,465
	1.625%, 05/10/24		645		625,005
#	0.625%, 01/22/26		75		68,791
Landwirtschaftliche Rentenbank
#	3.125%, 11/14/23		434		429,747
	2.375%, 01/23/24, MTN		107		104,937
#	2.000%, 01/13/25		100		96,241
	0.500%, 05/27/25		100		92,659
	2.600%, 03/23/27, MTN		4,000		2,538,544


		Face Amount ^		Value†
		(000)
GERMANY — (Continued)
Mercedes-Benz Finance North America LLC
W	3.650%, 02/22/24		1,001	$	987,171
W	0.750%, 03/01/24		5,779		5,571,470
W	2.700%, 06/14/24		3,330		3,247,132
	3.250%, 08/01/24		400		392,055
W	3.250%, 08/01/24		1,218		1,193,807
W	2.125%, 03/10/25		1,160		1,103,723
#W	3.300%, 05/19/25		590		572,921
W	3.500%, 08/03/25		478		467,023
W	1.450%, 03/02/26		1,937		1,779,508
#W	3.750%, 02/22/28		160		154,616
	8.500%, 01/18/31		363		462,373
Siemens Financieringsmaatschappij NV
W	0.650%, 03/11/24		1,030		991,660
W	3.125%, 03/16/24		1,020		1,002,297
W	6.125%, 08/17/26		161		170,547
Volkswagen Financial Services AG
	4.110%, 02/12/25, MTN		1,100		1,132,228
Volkswagen Group of America Finance LLC
W	3.350%, 05/13/25		522		505,532
W	3.950%, 06/06/25		147		143,991
Volkswagen Leasing GmbH
	3.750%, 07/19/24, MTN		6,480		6,832,490

TOTAL GERMANY					60,572,857

HONG KONG — (0.1%)
Prudential Funding Asia PLC
	3.125%, 04/14/30		2,525		2,272,127
	3.625%, 03/24/32		311		283,789

TOTAL HONG KONG					2,555,916

IRELAND — (0.5%)
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust
	1.150%, 10/29/23		2,033		1,985,580
	2.875%, 08/14/24		929		892,189
	1.650%, 10/29/24		1,280		1,196,863
	6.500%, 07/15/25		2,963		2,991,905
	4.450%, 10/01/25		155		150,075
	1.750%, 01/30/26		2,135		1,915,443
	4.450%, 04/03/26		1,841		1,781,133
	2.450%, 10/29/26		225		201,745
	4.625%, 10/15/27		3,847		3,709,967
	3.000%, 10/29/28		2,386		2,077,295
	3.300%, 01/30/32		850		696,212
	3.400%, 10/29/33		750		602,642
	3.850%, 10/29/41		275		206,541

TOTAL IRELAND					18,407,590

ITALY — (0.5%)
Enel Finance International NV
W	6.800%, 10/14/25		329		340,840
W	3.500%, 04/06/28		2,147		2,007,124


		Face Amount ^		Value†
		(000)
ITALY — (Continued)
W	7.500%, 10/14/32		5,770	$	6,455,994
W	6.800%, 09/15/37		471		504,442
W	6.000%, 10/07/39		540		540,085
Eni SpA
W	4.750%, 09/12/28		1,625		1,616,294
W	4.250%, 05/09/29		1,185		1,141,476
Intesa Sanpaolo SpA
W	3.250%, 09/23/24		2,084		2,008,763
W	7.000%, 11/21/25		1,463		1,494,792
W	3.875%, 07/14/27		400		363,830
W	4.000%, 09/23/29		607		538,922
UniCredit SpA
W	4.625%, 04/12/27		300		289,435

TOTAL ITALY					17,301,997

JAPAN — (3.4%)
7-Eleven, Inc.
W	0.950%, 02/10/26		1,318		1,191,398
	0.950%, 02/10/26		50		45,197
#W	1.300%, 02/10/28		612		528,424
	1.300%, 02/10/28		189		163,190
W	1.800%, 02/10/31		2,627		2,101,780
W	2.500%, 02/10/41		661		451,891
Aircastle, Ltd.
	4.125%, 05/01/24		106		103,763
W	5.250%, 08/11/25		569		557,858
W	2.850%, 01/26/28		665		579,908
American Honda Finance Corp.
	0.875%, 07/07/23, MTN		107		106,176
	3.550%, 01/12/24		596		590,274
	2.900%, 02/16/24, MTN		1,166		1,146,273
	2.400%, 06/27/24		712		691,913
	0.550%, 07/12/24, MTN		1,931		1,835,572
	0.750%, 08/09/24		1,070		1,015,194
	2.150%, 09/10/24, MTN		535		516,905
	1.200%, 07/08/25, MTN		175		162,777
	1.000%, 09/10/25, MTN		112		103,138
	3.500%, 02/15/28		270		260,627
JT International Financial Services BV
#W	6.875%, 10/24/32		1,113		1,243,810
Mitsubishi UFJ Financial Group, Inc.
	3.407%, 03/07/24		3,969		3,906,667
	2.801%, 07/18/24		5,350		5,179,198
	2.193%, 02/25/25		4,936		4,668,892
	3.777%, 03/02/25		400		391,807
	1.412%, 07/17/25		1,799		1,654,657
	3.850%, 03/01/26		1,476		1,429,547
	2.757%, 09/13/26		266		246,933
	3.677%, 02/22/27		132		129,949
	3.287%, 07/25/27		1,135		1,071,945
	3.961%, 03/02/28		10		9,630
	3.741%, 03/07/29		148		139,360
	3.195%, 07/18/29		751		675,966
	2.559%, 02/25/30		500		428,129


		Face Amount ^		Value†
		(000)
JAPAN — (Continued)
	2.048%, 07/17/30		1,296	$	1,065,066
	4.286%, 07/26/38		375		345,476
#	4.153%, 03/07/39		100		90,411
	3.751%, 07/18/39		955		826,779
Mizuho Financial Group, Inc.
#W	3.477%, 04/12/26		5,235		5,030,047
	2.839%, 09/13/26		404		375,788
	3.663%, 02/28/27		400		382,747
	1.631%, 04/08/27, MTN		2,000		2,021,731
	3.490%, 09/05/27, MTN		4,000		4,328,991
#	3.170%, 09/11/27		1,448		1,351,921
MUFG Bank, Ltd.
#W	3.250%, 09/08/24		360		351,438
Nomura Holdings, Inc.
	2.648%, 01/16/25		2,544		2,413,287
	5.099%, 07/03/25		370		365,212
	1.851%, 07/16/25		350		321,475
	1.653%, 07/14/26		1,139		1,009,347
	2.172%, 07/14/28		2,160		1,819,220
	5.605%, 07/06/29		600		597,166
	3.103%, 01/16/30		1,795		1,537,186
	2.679%, 07/16/30		1,771		1,455,157
	2.608%, 07/14/31		951		757,418
NTT Finance Corp.
W	0.583%, 03/01/24		3,587		3,454,667
W	4.142%, 07/26/24		2,291		2,270,701
W	1.162%, 04/03/26		527		480,138
ORIX Corp.
	3.250%, 12/04/24		804		778,941
	1.919%, 04/20/26, MTN		1,100		1,145,938
	5.000%, 09/13/27		149		149,971
	4.000%, 04/13/32		1,954		1,816,652
	5.200%, 09/13/32		2,646		2,723,282
Protective Life Corp.
W	4.300%, 09/30/28		772		745,957
W	3.400%, 01/15/30		1,225		1,094,377
Sumitomo Mitsui Financial Group, Inc.
	3.936%, 10/16/23		60		59,595
	0.508%, 01/12/24		768		742,897
	2.696%, 07/16/24		7,805		7,562,487
	2.448%, 09/27/24		4,396		4,222,038
	2.348%, 01/15/25		580		551,389
	1.474%, 07/08/25		723		667,790
	0.948%, 01/12/26		471		422,510
	3.784%, 03/09/26		350		340,788
	2.632%, 07/14/26		477		445,729
	1.402%, 09/17/26		907		805,383
	3.010%, 10/19/26		188		176,083
	3.446%, 01/11/27		125		118,734
	2.174%, 01/14/27		525		476,100
	3.364%, 07/12/27		675		642,031
	3.352%, 10/18/27		68		63,589
	3.544%, 01/17/28		303		284,215


		Face Amount ^		Value†
		(000)
JAPAN — (Continued)
#	3.944%, 07/19/28		212	$	201,846
	1.902%, 09/17/28		1,894		1,617,621
	4.306%, 10/16/28		224		216,707
	2.472%, 01/14/29		991		865,429
	3.040%, 07/16/29		1,935		1,731,227
	2.750%, 01/15/30		508		443,020
	2.130%, 07/08/30		773		638,822
Sumitomo Mitsui Trust Bank, Ltd.
	0.850%, 03/25/24, MTN		224		215,082
W	0.850%, 03/25/24		9,700		9,313,799
W	0.800%, 09/16/24		4,800		4,524,773
W	2.550%, 03/10/25		1,120		1,067,593
W	1.050%, 09/12/25		1,371		1,247,949
#W	4.800%, 09/15/25		850		842,837
W	1.350%, 09/16/26		772		687,356
Takeda Pharmaceutical Co., Ltd.
	3.025%, 07/09/40		105		81,758
Toyota Finance Australia, Ltd.
	0.064%, 01/13/25, MTN		1,000		1,039,918
Toyota Motor Corp.
	2.358%, 07/02/24		162		157,587
	1.339%, 03/25/26		376		346,166
Toyota Motor Credit Corp.
	3.350%, 01/08/24		350		345,818
	2.500%, 03/22/24		2,136		2,088,895
	2.900%, 04/17/24, MTN		1,495		1,466,100
	0.500%, 06/18/24, MTN		371		353,595
	3.000%, 04/01/25, MTN		221		214,700

TOTAL JAPAN					121,725,191

LUXEMBOURG — (0.4%)
ArcelorMittal SA
#	3.600%, 07/16/24		352		345,150
	4.550%, 03/11/26		2,275		2,234,193
	6.550%, 11/29/27		4,197		4,383,608
#	4.250%, 07/16/29		2,043		1,948,775
	6.800%, 11/29/32		3,675		3,846,318
JAB Holdings BV
W	2.200%, 11/23/30		400		318,691

TOTAL LUXEMBOURG					13,076,735

NETHERLANDS — (0.7%)
Cooperatieve Rabobank UA
	0.375%, 01/12/24		280		270,499
W	2.625%, 07/22/24		2,264		2,191,797
	3.875%, 08/22/24		545		538,003
	1.375%, 01/10/25		550		519,021
	5.250%, 05/24/41		152		162,191
ING Groep NV
	3.550%, 04/09/24		2,909		2,850,625
	1.125%, 02/14/25, MTN		5,200		5,487,005
W	4.625%, 01/06/26		970		957,154
	4.550%, 10/02/28		581		569,131
	4.050%, 04/09/29		595		568,695


		Face Amount ^		Value†
		(000)
NETHERLANDS — (Continued)
Koninklijke KPN NV
	8.375%, 10/01/30		420	$	498,916
Nederlandse Waterschapsbank NV
W	1.750%, 01/15/25		484		462,950
	3.150%, 09/02/26, MTN		4,900		3,171,637
Shell International Finance BV
	0.375%, 02/15/25, MTN		1,300		1,362,695
	3.875%, 11/13/28		247		244,293
	4.125%, 05/11/35		231		222,002
	6.375%, 12/15/38		1,108		1,290,134
	5.500%, 03/25/40		284		302,915
	2.875%, 11/26/41		100		77,282

TOTAL NETHERLANDS					21,746,945

NORWAY — (0.2%)
Aker BP ASA
W	3.000%, 01/15/25		340		327,905
W	3.750%, 01/15/30		986		896,114
Equinor ASA
#	2.650%, 01/15/24		960		945,736
	3.700%, 03/01/24		1,744		1,726,187
	3.250%, 11/10/24		368		361,808
	2.875%, 04/06/25		1,879		1,821,776
	1.750%, 01/22/26		971		907,730
	1.250%, 02/17/27, MTN		600		612,473
	7.250%, 09/23/27		208		231,133
	3.625%, 09/10/28		100		98,050
	2.375%, 05/22/30		271		240,862
	4.250%, 11/23/41		396		370,448

TOTAL NORWAY					8,540,222

SINGAPORE — (0.0%)
Temasek Financial I, Ltd.
	2.375%, 08/02/41, MTN		185		141,048

TOTAL SINGAPORE					141,048

SPAIN — (0.9%)
Banco Bilbao Vizcaya Argentaria SA
	0.875%, 09/18/23		200		196,182
	1.125%, 09/18/25		1,000		910,725
	3.375%, 09/20/27, MTN		7,200		7,804,536
Banco Santander SA
	3.892%, 05/24/24		2,000		1,963,931
	2.706%, 06/27/24		1,600		1,547,396
	1.849%, 03/25/26		200		181,091
	4.379%, 04/12/28		200		191,336
	3.490%, 05/28/30		1,000		886,969
Iberdrola International BV
#	6.750%, 07/15/36		50		57,966
Santander Holdings USA, Inc.
	3.500%, 06/07/24		395		384,567
	3.450%, 06/02/25		1,869		1,771,785
	4.500%, 07/17/25		766		746,096
	3.244%, 10/05/26		2,417		2,226,935
	4.400%, 07/13/27		1,591		1,515,750


		Face Amount ^		Value†
		(000)
SPAIN — (Continued)
Santander UK PLC
	4.000%, 03/13/24		295	$	291,220
Telefonica Emisiones SA
	7.045%, 06/20/36		2,997		3,329,932
	4.665%, 03/06/38		2,152		1,875,782
Telefonica Europe BV
	8.250%, 09/15/30		4,911		5,782,613

TOTAL SPAIN					31,664,812

SUPRANATIONAL — (1.0%)
African Development Bank
	3.000%, 09/20/23		1,476		1,464,065
	0.875%, 03/23/26		111		101,895
	1.100%, 12/16/26		5,150		3,092,529
Asian Development Bank
	0.250%, 07/14/23		1,908		1,889,702
	0.250%, 10/06/23		44		43,101
	2.625%, 01/30/24		1,135		1,114,970
	1.625%, 03/15/24		2,939		2,859,393
	0.375%, 06/11/24		743		709,656
	1.500%, 10/18/24		10		9,592
	2.000%, 01/22/25		50		48,138
	0.625%, 04/29/25		61		56,898
	0.500%, 02/04/26		54		49,287
	3.400%, 09/10/27, MTN		7,855		5,114,878
Asian Infrastructure Investment Bank (The)
	0.250%, 09/29/23		1,902		1,864,928
	2.250%, 05/16/24		2,563		2,497,132
	0.500%, 10/30/24		310		292,034
	0.500%, 05/28/25		125		115,744
Council Of Europe Development Bank
	0.250%, 10/20/23		730		713,912
	0.375%, 06/10/24		116		110,598
European Bank for Reconstruction & Development
	0.250%, 07/10/23		1,193		1,181,520
	0.500%, 05/19/25		125		116,070
European Investment Bank
	1.375%, 05/15/23		36		35,953
#	2.875%, 08/15/23		1,419		1,409,033
	3.125%, 12/14/23		405		400,338
	3.250%, 01/29/24		300		296,492
	2.625%, 03/15/24		340		333,793
	2.250%, 06/24/24		500		487,130
	0.375%, 07/24/24		143		136,121
	1.875%, 02/10/25		47		45,130
	1.625%, 03/14/25		194		185,153
Inter-American Development Bank
	3.000%, 10/04/23		1,245		1,233,413
	0.250%, 11/15/23		1,648		1,605,610
	2.625%, 01/16/24		153		150,549
	3.000%, 02/21/24		1,185		1,166,024
	3.250%, 07/01/24		150		147,765


		Face Amount ^		Value†
		(000)
SUPRANATIONAL — (Continued)
Inter-American Investment Corp.
	2.300%, 02/17/27, MTN		650	$	400,642
International Bank for Reconstruction & Development
	3.000%, 09/27/23		700		694,188
	0.250%, 11/24/23		853		829,986
	2.500%, 03/19/24		2,867		2,809,469
	2.250%, 03/28/24		504		492,274
	2.125%, 03/03/25		111		106,917
International Finance Corp.
	2.875%, 07/31/23		150		149,059

TOTAL SUPRANATIONAL					36,561,081

SWEDEN — (0.9%)
Lansforsakringar Bank AB
	0.050%, 04/15/26, MTN		4,500		4,414,839
Skandinaviska Enskilda Banken AB
W	0.550%, 09/01/23		219		215,305
W	0.650%, 09/09/24		750		705,957
	4.000%, 11/09/26		7,500		8,243,906
	0.375%, 02/11/27, MTN		2,000		1,921,360
Svensk Exportkredit AB
#	1.750%, 12/12/23		1,070		1,048,165
	0.375%, 03/11/24		912		876,602
	0.375%, 07/30/24		600		568,979
Svenska Handelsbanken AB
	3.900%, 11/20/23		350		347,205
W	0.550%, 06/11/24		6,596		6,272,899
W	3.650%, 06/10/25		500		485,398
Swedbank AB
	3.750%, 11/14/25, MTN		6,000		6,612,215

TOTAL SWEDEN					31,712,830

SWITZERLAND — (0.4%)
Novartis Capital Corp.
	3.400%, 05/06/24		1,105		1,088,530
	1.750%, 02/14/25		125		119,388
UBS AG
	0.700%, 08/09/24		800		750,881
W	0.700%, 08/09/24		4,355		4,087,610
W	1.250%, 06/01/26		1,856		1,644,537
UBS Group AG
W	4.125%, 09/24/25		2,787		2,685,017
W	4.125%, 04/15/26		4,751		4,546,486

TOTAL SWITZERLAND					14,922,449

UNITED KINGDOM — (2.1%)
Ashtead Capital, Inc.
W	1.500%, 08/12/26		1,426		1,260,528
W	2.450%, 08/12/31		590		469,641
W	5.500%, 08/11/32		3,760		3,713,858
AstraZeneca PLC
	0.700%, 04/08/26		102		92,555
	4.000%, 01/17/29		100		99,343
	6.450%, 09/15/37		288		341,128


		Face Amount ^		Value†
		(000)
UNITED KINGDOM — (Continued)
Barclays PLC
	3.650%, 03/16/25		4,192	$	4,011,865
	4.375%, 01/12/26		3,791		3,693,968
BAT Capital Corp.
	3.222%, 08/15/24		260		252,926
	3.215%, 09/06/26		166		157,420
	4.700%, 04/02/27		756		746,655
	3.557%, 08/15/27		1,284		1,201,622
	2.259%, 03/25/28		3,428		2,976,300
	3.462%, 09/06/29		2,536		2,255,247
	4.906%, 04/02/30		1,549		1,495,352
	2.726%, 03/25/31		866		701,899
	4.742%, 03/16/32		1,294		1,208,975
	7.750%, 10/19/32		2,114		2,342,186
	4.390%, 08/15/37		1,200		979,033
BAT International Finance PLC
	1.668%, 03/25/26		83		75,572
	4.448%, 03/16/28		2,192		2,105,632
BP Capital Markets America, Inc.
	3.119%, 05/04/26		103		100,004
	3.017%, 01/16/27		275		263,257
	3.543%, 04/06/27		61		59,560
	3.937%, 09/21/28		35		34,588
	4.234%, 11/06/28		243		243,654
	3.633%, 04/06/30		343		328,421
	1.749%, 08/10/30		179		150,293
	3.060%, 06/17/41		867		676,104
BP Capital Markets PLC
	1.876%, 04/07/24		150		163,099
	1.953%, 03/03/25, MTN		1,000		1,077,604
British Telecommunications PLC
	5.125%, 12/04/28		1,602		1,623,853
W	3.250%, 11/08/29		888		804,825
CNH Industrial Capital LLC
	1.875%, 01/15/26		50		46,374
CNH Industrial NV
	3.850%, 11/15/27, MTN		272		261,340
Diageo Capital PLC
	5.500%, 01/24/33		140		152,566
HSBC Holdings PLC
	4.300%, 03/08/26		1,730		1,698,572
	3.900%, 05/25/26		558		539,305
	6.100%, 01/14/42		450		482,397
HSBC USA, Inc.
	3.750%, 05/24/24		5,845		5,741,699
	3.500%, 06/23/24		3,771		3,702,028
Lloyds Bank Corporate Markets PLC
	2.375%, 04/09/26, MTN		3,500		3,722,975
Lloyds Bank PLC
	3.500%, 05/14/25		320		308,009
Lloyds Banking Group PLC
	3.900%, 03/12/24		3,271		3,215,804
	4.450%, 05/08/25		884		868,203
	4.375%, 03/22/28		3,367		3,254,046


		Face Amount ^		Value†
		(000)
UNITED KINGDOM — (Continued)
Nationwide Building Society
W	0.550%, 01/22/24		3,704	$	3,561,667
W	1.500%, 10/13/26		409		362,090
NatWest Group PLC
	4.800%, 04/05/26		2,292		2,282,337
NatWest Markets PLC
W	0.800%, 08/12/24		940		887,144
Reckitt Benckiser Treasury Services PLC
W	2.750%, 06/26/24		1,439		1,403,183
RELX Capital, Inc.
	3.000%, 05/22/30		60		53,949
Reynolds American, Inc.
	4.450%, 06/12/25		1,007		990,480
	5.700%, 08/15/35		110		105,395
Smith & Nephew PLC
	2.032%, 10/14/30		675		550,352
Unilever Capital Corp.
	2.600%, 05/05/24		157		153,368
	5.900%, 11/15/32		316		356,289
Vodafone Group PLC
	3.750%, 01/16/24		117		115,795
	7.875%, 02/15/30		993		1,161,151
	6.150%, 02/27/37		988		1,064,365

TOTAL UNITED KINGDOM					72,747,850

UNITED STATES — (24.3%)
3M Co.
	3.250%, 02/14/24, MTN		9		8,886
	3.625%, 09/14/28, MTN		100		96,587
#	3.375%, 03/01/29, MTN		1,368		1,310,328
#	2.375%, 08/26/29		12		10,741
Abbott Ireland Financing DAC
	1.500%, 09/27/26		843		878,004
Abbott Laboratories
	2.950%, 03/15/25		295		287,996
	4.750%, 11/30/36		81		84,049
	6.150%, 11/30/37		5		5,782
AbbVie, Inc.
	3.800%, 03/15/25		45		44,239
	3.600%, 05/14/25		139		135,799
#	4.250%, 11/14/28		33		32,748
	4.500%, 05/14/35		85		82,725
	4.300%, 05/14/36		75		71,021
	4.050%, 11/21/39		765		676,697
Activision Blizzard, Inc.
	3.400%, 06/15/27		157		151,090
Acuity Brands Lighting, Inc.
	2.150%, 12/15/30		324		262,596
Adobe, Inc.
	2.300%, 02/01/30		105		93,292
Advance Auto Parts, Inc.
	3.900%, 04/15/30		1,631		1,496,217
	3.500%, 03/15/32		362		312,194


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
AEP Texas, Inc.
	2.100%, 07/01/30		5	$	4,187
	4.700%, 05/15/32		85		83,660
AES Corp. (The)
W	3.300%, 07/15/25		1,769		1,679,933
	1.375%, 01/15/26		632		572,876
W	3.950%, 07/15/30		406		371,044
	2.450%, 01/15/31		1,881		1,543,794
Aetna, Inc.
	3.500%, 11/15/24		150		146,337
	6.750%, 12/15/37		633		706,212
	4.500%, 05/15/42		45		40,263
Affiliated Managers Group, Inc.
	4.250%, 02/15/24		8		7,912
	3.300%, 06/15/30		1,359		1,178,804
Aflac, Inc.
	1.125%, 03/15/26		85		77,724
	3.600%, 04/01/30		47		44,309
	6.450%, 08/15/40		240		256,176
Air Products and Chemicals, Inc.
	2.700%, 05/15/40		162		125,561
Alabama Power Co.
	5.200%, 06/01/41		89		85,801
Allegion PLC
	3.500%, 10/01/29		252		230,443
Allegion US Holding Co., Inc.
	5.411%, 07/01/32		900		906,879
Allstate Corp. (The)
	0.750%, 12/15/25		813		732,403
	5.950%, 04/01/36		400		447,675
Alphabet, Inc.
	1.900%, 08/15/40		677		476,875
Altria Group, Inc.
#	4.000%, 01/31/24		370		366,553
	2.350%, 05/06/25		62		59,094
#	4.400%, 02/14/26		293		290,854
	4.800%, 02/14/29		3,055		3,033,546
	3.400%, 05/06/30		2,971		2,648,541
	2.450%, 02/04/32		2,211		1,758,656
	5.800%, 02/14/39		1,630		1,609,367
	3.400%, 02/04/41		963		680,898
	4.250%, 08/09/42		400		315,079
Amcor Finance USA, Inc.
	3.625%, 04/28/26		112		107,799
Amcor Flexibles North America, Inc.
	4.000%, 05/17/25		50		48,895
	2.630%, 06/19/30		894		755,112
Amdocs Ltd
	2.538%, 06/15/30		504		429,751
Ameren Corp.
	1.750%, 03/15/28		75		65,515
	3.500%, 01/15/31		77		70,139
American Assets Trust, LP
	3.375%, 02/01/31		1,245		988,697


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
American Electric Power Co., Inc.
	2.300%, 03/01/30		320	$	271,639
American Express Co.
	0.750%, 11/03/23		928		907,461
	3.400%, 02/22/24		47		46,356
	3.375%, 05/03/24		4,514		4,429,888
	2.500%, 07/30/24		1,252		1,213,718
	3.000%, 10/30/24		1,819		1,766,618
	2.250%, 03/04/25		1,265		1,204,546
	3.950%, 08/01/25		866		849,166
	1.650%, 11/04/26		50		45,338
	2.550%, 03/04/27		449		415,851
W	3.300%, 05/03/27		176		167,611
	4.050%, 05/03/29		402		393,649
American Express Credit Corp.
	3.300%, 05/03/27, MTN		100		95,699
American International Group, Inc.
	6.250%, 05/01/36		52		55,593
American Tower Corp.
	5.000%, 02/15/24		1,000		997,851
	3.375%, 05/15/24		98		95,840
	2.950%, 01/15/25		216		207,957
	2.400%, 03/15/25		985		937,614
	4.000%, 06/01/25		60		58,928
	1.600%, 04/15/26		208		189,219
	3.375%, 10/15/26		340		323,738
	3.125%, 01/15/27		229		215,499
	3.650%, 03/15/27		250		239,205
	3.550%, 07/15/27		86		81,592
	3.600%, 01/15/28		378		358,067
	1.500%, 01/31/28		50		43,014
	3.950%, 03/15/29		961		909,475
	3.800%, 08/15/29		546		512,966
	2.900%, 01/15/30		483		425,953
	2.100%, 06/15/30		478		393,493
	1.875%, 10/15/30		796		640,076
	2.700%, 04/15/31		2,634		2,226,237
	2.300%, 09/15/31		202		163,842
#	4.050%, 03/15/32		859		796,547
American Water Capital Corp.
	3.850%, 03/01/24		215		213,058
	3.400%, 03/01/25		202		197,204
	2.950%, 09/01/27		208		196,803
	3.750%, 09/01/28		105		101,762
	4.450%, 06/01/32		1,881		1,869,496
	6.593%, 10/15/37		523		600,776
Ameriprise Financial, Inc.
	4.000%, 10/15/23		28		27,820
	3.700%, 10/15/24		560		549,142
	3.000%, 04/02/25		169		162,877
	4.500%, 05/13/32		285		276,586
	5.150%, 05/15/33		360		362,774
AmerisourceBergen Corp.
	3.400%, 05/15/24		37		36,314


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
	2.700%, 03/15/31		51	$	44,027
Amgen, Inc.
	1.900%, 02/21/25		56		53,218
	3.125%, 05/01/25		336		326,462
	2.200%, 02/21/27		123		113,794
	3.200%, 11/02/27		66		62,963
	2.450%, 02/21/30		78		68,233
	2.300%, 02/25/31		225		190,627
	3.350%, 02/22/32		50		45,272
	6.375%, 06/01/37		246		274,110
	3.150%, 02/21/40		1,233		959,536
	2.800%, 08/15/41		100		72,871
	4.950%, 10/01/41		100		94,990
	5.150%, 11/15/41		100		97,375
Amphenol Corp.
	2.800%, 02/15/30		159		142,391
Analog Devices, Inc.
W	3.450%, 06/15/27		352		341,658
Aon Corp.
	4.500%, 12/15/28		530		523,823
	3.750%, 05/02/29		1,436		1,376,511
	2.800%, 05/15/30		375		330,086
	6.250%, 09/30/40		612		663,141
Aon Global, Ltd.
	3.500%, 06/14/24		1,427		1,401,423
#	3.875%, 12/15/25		479		468,133
Appalachian Power Co.
	2.700%, 04/01/31		101		86,119
	6.375%, 04/01/36		777		844,641
	7.000%, 04/01/38		525		618,811
Apple, Inc.
	2.850%, 05/11/24		29		28,475
	2.500%, 02/09/25		135		130,963
	1.125%, 05/11/25		83		78,051
	3.200%, 05/13/25		282		276,714
	2.900%, 09/12/27		168		161,399
Applied Materials, Inc.
	5.100%, 10/01/35		132		138,743
	5.850%, 06/15/41		270		300,441
Archer-Daniels-Midland Co.
	1.000%, 09/12/25		1,500		1,563,630
	5.935%, 10/01/32		75		83,011
Arizona Public Service Co.
	3.350%, 06/15/24		356		348,452
	3.150%, 05/15/25		276		265,975
	2.600%, 08/15/29		2,888		2,536,883
	2.200%, 12/15/31		1,144		919,887
	6.350%, 12/15/32		204		223,225
	4.500%, 04/01/42		340		296,860
Arrow Electronics, Inc.
	3.250%, 09/08/24		547		531,826
	4.000%, 04/01/25		322		312,669
	3.875%, 01/12/28		1,511		1,422,859
	2.950%, 02/15/32		86		71,668


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
Assurant, Inc.
	2.650%, 01/15/32		3,726	$	2,842,271
Assured Guaranty US Holdings, Inc.
	3.150%, 06/15/31		696		609,438
AT&T, Inc.
	2.550%, 12/01/33		75		60,380
	4.500%, 05/15/35		2,005		1,887,716
	4.850%, 03/01/39		957		898,020
	5.350%, 09/01/40		400		395,478
	3.500%, 06/01/41		2,049		1,614,380
Autodesk, Inc.
	3.500%, 06/15/27		658		636,927
	2.850%, 01/15/30		200		178,521
AutoNation, Inc.
	1.950%, 08/01/28		75		62,426
	3.850%, 03/01/32		105		88,769
AutoZone, Inc.
	3.750%, 04/18/29		38		36,005
AvalonBay Communities, Inc.
	2.950%, 05/11/26		675		639,230
	2.300%, 03/01/30		50		42,846
Avnet, Inc.
	4.625%, 04/15/26		1,757		1,729,989
	3.000%, 05/15/31		3,531		2,881,851
	5.500%, 06/01/32		3,966		3,848,187
AXIS Specialty Finance PLC
	4.000%, 12/06/27		75		72,615
Baker Hughes Holdings LLC
	5.125%, 09/15/40		157		153,774
Baker Hughes Holdings LLC/Baker
Hughes Co-Obligor, Inc.
	1.231%, 12/15/23		85		82,900
	2.061%, 12/15/26		4		3,670
	3.337%, 12/15/27		916		870,937
	3.138%, 11/07/29		2,996		2,721,460
	4.486%, 05/01/30		697		686,239
Bank of America Corp.
	4.125%, 01/22/24, MTN		1,661		1,646,896
	4.000%, 04/01/24, MTN		1,474		1,457,419
#	3.875%, 08/01/25, MTN		421		411,817
Bank of New York Mellon Corp. (The)
	3.650%, 02/04/24, MTN		571		563,714
	0.500%, 04/26/24		504		480,713
	3.250%, 09/11/24, MTN		977		954,291
	2.100%, 10/24/24, MTN		143		137,262
	1.600%, 04/24/25, MTN		170		159,915
	2.800%, 05/04/26, MTN		27		25,782
	1.800%, 07/28/31, MTN		284		227,016
Becton Dickinson & Co.
	1.957%, 02/11/31		50		41,349
Berkshire Hathaway Energy Co.
	6.125%, 04/01/36		4,959		5,557,428
	5.950%, 05/15/37		417		457,391


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
Berkshire Hathaway Finance Corp.
	4.400%, 05/15/42		230	$	223,034
Berkshire Hathaway, Inc.
	3.125%, 03/15/26		100		97,550
Best Buy Co., Inc.
	4.450%, 10/01/28		232		230,748
Biogen, Inc.
	4.050%, 09/15/25		440		431,423
	2.250%, 05/01/30		688		585,446
Black Hills Corp.
	2.500%, 06/15/30		1,436		1,208,960
	4.350%, 05/01/33		123		113,941
BlackRock, Inc.
	3.500%, 03/18/24		901		889,216
	2.400%, 04/30/30		125		110,816
	1.900%, 01/28/31		196		164,477
Block Financial LLC
	2.500%, 07/15/28		1,305		1,127,721
Boardwalk Pipelines, LP
	4.950%, 12/15/24		171		169,746
	5.950%, 06/01/26		68		69,360
	4.450%, 07/15/27		226		221,804
	4.800%, 05/03/29		502		496,715
	3.400%, 02/15/31		420		368,818
	3.600%, 09/01/32		1,276		1,113,843
Boeing Co. (The)
	2.500%, 03/01/25		165		157,232
	3.100%, 05/01/26		596		564,989
	2.250%, 06/15/26		380		350,081
	2.700%, 02/01/27		553		513,051
	3.250%, 03/01/28		13		12,051
	3.200%, 03/01/29		246		225,274
	2.950%, 02/01/30		1,154		1,024,320
	6.125%, 02/15/33		290		308,279
	3.600%, 05/01/34		588		505,755
	3.250%, 02/01/35		1,265		1,035,006
	3.550%, 03/01/38		89		70,514
	3.500%, 03/01/39		41		31,910
	6.875%, 03/15/39		747		826,891
	5.875%, 02/15/40		630		644,008
Booking Holdings, Inc.
	4.000%, 11/15/26		2,000		2,248,841
	4.625%, 04/13/30		818		822,412
BorgWarner, Inc.
W	5.000%, 10/01/25		3,048		3,035,606
Boston Properties, LP
	3.200%, 01/15/25		103		98,272
	3.650%, 02/01/26		100		93,211
	4.500%, 12/01/28		412		374,866
	3.250%, 01/30/31		4,532		3,711,645
Boston Scientific Corp.
	4.550%, 03/01/39		103		97,009
	7.375%, 01/15/40		200		243,844


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
Brighthouse Financial, Inc.
	3.700%, 06/22/27		288	$	268,214
#	5.625%, 05/15/30		7,550		7,374,135
Bristol-Myers Squibb Co.
	3.625%, 05/15/24		100		98,513
	2.900%, 07/26/24		340		332,996
Brixmor Operating Partnership, LP
	3.850%, 02/01/25		1,377		1,329,047
	4.125%, 06/15/26		1,265		1,200,790
	3.900%, 03/15/27		2,073		1,935,825
	2.250%, 04/01/28		1,088		927,465
	4.125%, 05/15/29		2,732		2,502,219
	4.050%, 07/01/30		2,630		2,377,068
	2.500%, 08/16/31		942		740,868
Broadcom Corp. /Broadcom Cayman Finance Ltd.
	3.500%, 01/15/28		112		105,183
Broadcom, Inc.
	3.625%, 10/15/24		74		72,404
W	4.000%, 04/15/29		351		330,557
	5.000%, 04/15/30		581		575,137
	4.150%, 11/15/30		822		764,533
W	2.450%, 02/15/31		260		213,130
W	4.150%, 04/15/32		1,461		1,334,538
	4.300%, 11/15/32		468		429,110
W	2.600%, 02/15/33		415		327,510
W	3.419%, 04/15/33		2,275		1,914,733
	3.469%, 04/15/34		110		90,878
W	3.469%, 04/15/34		1,728		1,427,616
W	3.187%, 11/15/36		777		591,300
W	4.926%, 05/15/37		462		421,710
W	3.500%, 02/15/41		1,269		951,963
Broadstone Net Lease LLC
	2.600%, 09/15/31		1,264		927,434
Brown & Brown, Inc.
	4.200%, 09/15/24		420		415,023
	4.500%, 03/15/29		162		155,402
	2.375%, 03/15/31		1,631		1,335,892
Bunge, Ltd. Finance Corp.
	3.750%, 09/25/27		16		15,424
	2.750%, 05/14/31		400		343,299
Burlington Northern Santa Fe LLC
	3.000%, 04/01/25		99		96,412
	6.150%, 05/01/37		2,655		3,024,885
	5.050%, 03/01/41		100		100,241
	5.400%, 06/01/41		275		286,426
	4.950%, 09/15/41		510		507,154
	4.400%, 03/15/42		40		37,179
Burlington Resources LLC
	7.200%, 08/15/31		400		466,464
CA, Inc.
	4.700%, 03/15/27		786		754,432
Camden Property Trust
	4.100%, 10/15/28		1,346		1,305,720


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
	3.150%, 07/01/29		249	$	224,619
	2.800%, 05/15/30		1,013		882,361
Campbell Soup Co.
	3.950%, 03/15/25		77		75,679
	4.150%, 03/15/28		119		117,172
#	2.375%, 04/24/30		88		75,760
Capital One Financial Corp.
	3.750%, 04/24/24		71		69,476
	3.300%, 10/30/24		119		115,686
	3.200%, 02/05/25		423		403,512
	4.250%, 04/30/25		179		173,512
	3.750%, 03/09/27		1,172		1,097,974
#	3.650%, 05/11/27		449		419,368
	3.800%, 01/31/28		21		19,617
Cardinal Health, Inc.
	3.079%, 06/15/24		70		68,368
Cargill, Inc.
W	0.750%, 02/02/26		100		91,130
W	2.125%, 04/23/30		155		132,884
W	4.000%, 06/22/32		225		214,384
W	5.125%, 10/11/32		711		737,592
Carrier Global Corp.
	2.242%, 02/15/25		6		5,721
	2.722%, 02/15/30		170		148,848
#	2.700%, 02/15/31		421		361,661
	3.377%, 04/05/40		828		644,707
Caterpillar Financial Services Corp.
	3.650%, 12/07/23, MTN		40		39,768
	0.450%, 05/17/24, MTN		685		653,959
	2.850%, 05/17/24, MTN		460		450,335
Caterpillar, Inc.
	3.803%, 08/15/42		245		219,800
Cboe Global Markets, Inc.
	3.000%, 03/16/32		336		294,905
Celanese US Holdings LLC
	1.400%, 08/05/26		1,059		928,504
CenterPoint Energy, Inc.
	2.500%, 09/01/24		327		314,947
	2.950%, 03/01/30		60		53,175
Charles Schwab Corp. (The)
	3.000%, 03/10/25		249		237,646
	3.625%, 04/01/25		76		73,511
	3.850%, 05/21/25		60		58,179
	3.300%, 04/01/27		90		84,006
	2.750%, 10/01/29		100		86,434
#	4.625%, 03/22/30		50		49,069
	1.650%, 03/11/31		135		105,033
Chevron Corp.
	1.554%, 05/11/25		1,106		1,045,572
	3.326%, 11/17/25		247		241,279
	2.978%, 05/11/40		215		169,464
Chevron USA, Inc.
	1.018%, 08/12/27		89		79,016


		Face Amount ^		Value†
		(000)
UNITED STATES — (Continued)
Choice Hotels International, Inc.
	3.700%, 12/01/29		1,211	$	1,098,623
Chubb Corp. (The)
	6.500%, 05/15/38		100		116,229
Chubb INA Holdings, Inc.
	3.350%, 05/15/24		1,358		1,335,755
Cigna Corp. (The)
	4.125%, 11/15/25		1,445		1,426,542
	1.250%, 03/15/26		259		236,306
	2.375%, 03/15/31		309		261,877
	4.800%, 08/15/38		1,728		1,676,662
Cigna Group (The)
	3.000%, 07/15/23		212		210,849
	3.500%, 06/15/24		1,445		1,420,935
	3.250%, 04/15/25		1,572		1,525,751
	4.500%, 02/25/26		1,482		1,478,336
	3.400%, 03/01/27		719		690,463
	2.400%, 03/15/30		210		182,086
	3.200%, 03/15/40		879		692,274
Cincinnati Financial Corp.
	6.920%, 05/15/28		748		835,537
	6.125%, 11/01/34		696		757,454
Cintas Corp. No.
	2 4.000%, 05/01/32		85		82,704
Cisco Systems, Inc.
	3.625%, 03/04/24		108		106,774
	5.500%, 01/15/40		271		294,421
Citigroup, Inc.
	2.375%, 05/22/24, MTN		1,195		1,300,505
	3.750%, 06/16/24		1,356		1,336,499
	3.300%, 04/27/25		2,044		1,981,110
	3.700%, 01/12/26		1,985		1,933,306
	3.400%, 05/01/26		655		631,053
	2.125%, 09/10/26, MTN		1,750		1,825,819
	3.200%, 10/21/26		482		457,694
	8.125%, 07/15/39		1,694		2,189,417
Citizens Bank NA/Providence RI
	3.750%, 02/18/26		1,444		1,329,388
CNA Financial Corp.
	3.950%, 05/15/24		481		473,525
	4.500%, 03/01/26		50		49,546




David P. Butler		Gerard O’Reilly
CO-CHIEF EXECUTIVE OFFICER		CO-CHIEF EXECUTIVE OFFICER and
		CHIEF INVESTMENT OFFICE


AGM		Assured Guaranty Corporation
AUD		Australian Dollars
BAM		Build America Mutual
CNTY GTD		County Guarantee
COP		Certificate of Participation
ETM		Escrowed to Maturity
EUR		Euro
GO		General Obligation
GBP		British Pounds
MTN		Medium-Term Note
PLC		Public Limited Company
PSF-GTD		Public School Fund Guarantee
Q-SBLF		School Bond Qualification and Loan Program
RB		Revenue Bond
RN		Revenue Note
SA		Special Assessment
SCH BD GTY		School Board Guarantee
SCSDE		South Carolina State Department of Education
SD CRED PROG		School District Credit Program
ST AID DIR DEP		State Aid Direct Deposit
ST AID WITHHLDG		State Aid Withholding
ST APPROP		State Appropriations
ST INTERCEPT		State Intercept
TBA		To Be Announced purchase or sale commitment. Security is subject to delayed delivery.

Investment Footnotes
†		See Note B to Financial Statements
¤		Pre-refunded bonds are collateralized by U.S. Government or other eligible securities that are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate)
W		Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited
#		Total or Partial Securities on Loan
§		Affiliated Fund
^		Denominated in USD, unless otherwise noted.
@		Security purchased with cash collateral received from Securities on Loan
±		Face Amount of security is not adjusted for inflation


(a)		Computed using average shares outstanding.
(b)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.
(c)		Not annualized for periods less than one year.
(d)		Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. The composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.
(e)		Annualized for periods less than one year.
(f)		Excludes impact of in-kind transactions.


EXPENSE TABLES			For the period ended April 30, 2023
	Beginning Account Value 11/1/2022		Ending Account Value 4/30/2023		Annualized Expense Ratio		Expenses Paid During Period (a)
Dimensional Core Fixed Income ETF
Actual Fund Return	$	1,000.00	$	1,073.70		0.18%	$	0.93
Hypothetical 5% Annual Return	$	1,000.00	$	1,023.90		0.18%	$	0.90
Dimensional Short-Duration Fixed Income ETF
Actual Fund Return	$	1,000.00	$	1,038.50		0.17%	$	0.86
Hypothetical 5% Annual Return	$	1,000.00	$	1,023.95		0.17%	$	0.85
Dimensional Inflation-Protected Securities ETF
Actual Fund Return	$	1,000.00	$	1,050.40		0.11%	$	0.56
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.25		0.11%	$	0.55


Dimensional National Municipal Bond ETF	Beginning Account Value 11/1/2022		Ending Account Value 4/30/2023		Annualized Expense Ratio	Expenses Paid During Period (a)
Actual Fund Return	$	1,000.00	$	1,040.10	0.17%	$	0.86
Hypothetical 5% Annual Return	$	1,000.00	$	1,023.95	0.17%	$	0.85


Letter to Shareholders
Definitions of Abbreviations and Footnotes			3
Disclosure of Fund Expenses			5
Disclosure of Portfolio Holdings			7
Schedules of Investments			8
Dimensional Core Fixed Income ETF			8
Dimensional Short-Duration Fixed Income ETF			35
Dimensional Inflation-Protected Securities ETF			50
Dimensional National Municipal Bond ETF			51
Statements of Assets and Liabilities			71
Statements of Operations			73
Statements of Changes In Net Assets			75
Financial Highlights			77
Notes to Financial Statements			79
Voting Proxies on Fund Portfolio Securities			94
Statement Regarding Liquidity Risk Management Program			95
Board Approval of Investment Management Agreements			97


—		Amounts designated as — are either zero or rounded to zero
SEC		Securities and Exchange Commission